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There are some instances where they cannot manage a corporation after bankruptcy too. In addition, The ATO are now doing rigorous checks on individuals who apply to be a SMSF director / trustee. Discharged bankrupts get special attention and a tough process that takes weeks. The ATO + APRA has...

The bank may well be enforcing its powers as mortgagee. They don't have to send the company to liquidation (adds to costs) if a sale can be achieved. They may even be accepting cents in the dollar (ie 85%). The issue of personal bankruptcy could follow from that sale if a shortfall is enforced...